C:CC - Contact Gold Spring 2022 Drill Program Continues at Green Springs Gold Project Cortez Trend Nevada

(TheNewswire)

Vancouver, B.C. - TheNewswire - June 21, 2022 – Contact Gold Corp. (the“Company” or “Contact Gold”) (TSXV:C ) ; ( OTC:CGOLF) is pleasedto provide an update on the 2022 drill program at the Green Springsoxide gold project.

Green Springs is strategically located 7 km immediatelyeast of Calibre Mining’s Gold Rock project, and 20 km southeast oftheir Pan Mine.  Gold mineralization at Green Springs is hostedwithin the same Chainman Shale and Pilot Shale units hosting Gold Rockand Pan. The Green Springs project produced high-grade oxide gold fromtwo open pits in the 1980’s, and is host to multiple, near-surfaceCarlin Type gold zones and exploration targets.

Drilling is currently underway with a plan to completeup to 3,000 metres .

The Spring 2022 drill program is initially focused onfollow-up to the 2021 discoveries at X-Ray andTango, both hosted at the lower Pilot Shale contact with theunderlying Guilmette limestone.  X-Ray and Tango are near-surface,well oxidized, and remain wide open for expansion with exceptionalgrades and thicknesses.  Drilling is expected to continue with targeted follow-up drillholes at the BC Gap discovery, which sitsbeneath the Green Springs Mine Trend.

“With the Green Springs drill program well underway,we’re seeing exactly the type of alteration, oxidation and arsenicvalues that we saw during the discovery drilling at X-Ray and Tango in2021.” said Vance Spalding, VP Exploration at Contact Gold.  “ThePilot Shale is an excellent host rock across northeastern Nevada, andwe believe Green Springs will continue to deliver exciting results andgrowth potential from the Pilot”.

Green Springs Drill ProgramUpdate:

• A total of16 drill holes totalling 1,160 metres have been completed at GreenSprings thus far in the 2022 program, with results pending for allholes.

• Four holes have been drilled at the outcropping X-Rayzone, offsetting and stepping out from the high-grade oxide discoverymade in the 2021 program.

  • Average depth of completed drill holes at X-Ray is 86.8metres

  • The X-Ray target area is open forexpansion in all directions

• Eleven holes have been drilled to follow up and stepout from the high-grade Tango discovery drilled by Contact Gold in2021.

  • Average depth of completed drill holes at Tango in 2022is 74 metres

  • The Tango target area currently encompasses an area 250x 500 metres, and is open for expansion.

• Reverse circulation drilling has intersected broadintervals of well oxidized, silicified and altered Pilot Shale, whichis the principal host of both of these exciting new oxidezones.

• Drilling will begin later this week at the B-C gap discovery which sitsbeneath the Green Springs Mine Trend:

  • The B-C gap is the first thick,good-grade intercept encountered to date in the lower Pilot Shalebeneath the old mine trend, where previous mining and explorationfocused solely on the overlying host horizon at Chainman Shale/Joanalimestone contact.

  • Average depth of planned holes at B-C Gap of 250metres

Contact Gold anticipates a second phase of drillinglater in the year after results from the first phase are received andintegrated into the next phase plan .  This isexpected to include additional follow up drilling at Tango, X-Ray, andthe BC Gap zones.  The Company believes that ongoing surfaceexploration at Green Springs will be successful in identifyingadditional prospective areas and developing further compelling drilltargets, especially in the underexplored Pilot Shale, the host horizonto the Tango, X-Ray, and BC Gap discoveries.

The Company is also expanding the Plan of Operationspermit to the south and eastward to test highconviction targets south of the Echo zone, as well as tackling theWhiskey and Foxtrot targets in the east of the property as part of thesecond phase drill program later in the year.

For a location map of the Green Springs project, pleaseclick:

http://www.contactgold.com/_resources/images/nr-20220601-CG-map1-Jun1.jpg

For a plan map of the Green Springs discoveries andtarget areas, please click:

http://www.contactgold.com/_resources/images/nr-20220601-Green-Springs-targets-and-discoveries.jpg

For cross sections through the Green Springs discoveryzones, please click:

http://www.contactgold.com/_resources/images/nr-20220601-Tango-Cross-section-June-2022.jpg
http://www.contactgold.com/_resources/images/nr-20220601-X-Ray-Cross-section-June-2022.jpg

About the Green SpringsProject:

Green Springs is located near the southern end of theCortez Trend of Carlin-type gold deposits in White Pine County,Nevada, east of Calibre Mining’s Pan Mine and Gold Rock Project, andsouth of Waterton's Mount Hamilton deposit. The Green Springs propertyis 18.65 km 2 encompassing 3 shallow past producing open pits and numeroustargets that were not mined.

Contact Gold signed a purchase option agreement withEly Gold Royalties (now a subsidiary of Gold Royalty Corp.) to acquirean undivided 100% interest in Green Springs in July 2019.  GreenSprings is an early-stage exploration property and does not containany mineral resource estimates as defined by National Instrument43-101, Standards ofDisclosure for Mineral Projects (“NI43-101”). There has been insufficient exploration to define amineral resource estimate at Green Springs. Additional informationabout Green Springs is summarized in the NI 43-101 Technical Reportentitled “NI 43-101 Technical Report for the Green Springs Project,White Pine County, Nevada, USA” prepared for Contact Gold, with aneffective date of June 12, 2020, and dated August 5, 2020, as preparedby John J. Read, C.P.G; an independent consultant and qualified personunder NI 43-101, and can be viewed under Contact Gold’s issuerprofile on SEDAR at www.sedar.com .

The scientific and technical information contained inthis news release has been reviewed and approved by Vance Spalding,CPG, VP Exploration, Contact Gold, who is a “qualified person”within the meaning of NI 43-101.  Drill intercepts were calculatedusing a minimum thickness of 3.05 metres averaging 0.14 ppm gold andallowing inclusion of up to 4.57 metres of material averaging lessthan 0.14 ppm gold for low grade intervals and higher-grade intervalswere calculated using a minimum thickness of 3.05 metres averaging1.00 ppm gold and allowing inclusion of up to 4.57 metres of assaysaveraging less than 1.00 ppm gold.  Gravimetric assays are used forall Fire Assays above 4.00 ppm gold. Cyanide solubility assays arecompleted on all Fire Assays greater than 0.1 g/t. True width ofdrilled mineralization is unknown, but owing to the apparent flatlying nature of mineralization, is estimated to generally be at least70% of drilled thickness in most cases. The Cyanide recoverypercentages are equally averaged by interval, and are not weighted bygold content per interval.  Quality Assurance / Quality Controlconsists of regular insertion of certified reference standards,blanks, and duplicates. All failures are followed up and resolvedwhenever possible with additional investigation whenever such an eventoccurs. All assays are completed at Paragon; an ISO 17025:2005accredited lab.  Check assays are completed at a second, reputableassay lab after the program is complete.

About Contact Gold Corp.

Contact Gold is an exploration company focused onmaking district scale gold discoveries in Nevada.  Contact Gold’sextensive land holdings are on the prolific Carlin and Cortez goldtrends which host numerous gold deposits and mines. Contact Gold’sland position comprises approximately 140 km 2 of target richmineral tenure hosting numerous known gold occurrences, ranging fromearly- to advanced-exploration and current gold resources.

Additional information about the Company is availableat www.contactgold.com .

For more information, please contact: +1 (604)449-3361

Matthew Lennox-King – President & CEO

E-mail: info@ContactGold.com

Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy of this release. Nostock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.

Cautionary Note RegardingForward-Looking Information

This news release contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as "expects", or "does not expect","is expected", "anticipates" or "does notanticipate", "plans", "budget","scheduled", "forecasts", "estimates","believes" or "intends" or variations of suchwords and phrases or stating that certain actions, events or results"may" or "could", "would","might" or "will" be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. In this news release, forward-lookingstatements relate, among other things, to the anticipated explorationactivities of the Company at the Green Springs property.

These forward-looking statements arebased on reasonable assumptions and estimates of management of theCompany at the time such statements were made. Actual future resultsmay differ materially as forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company tomaterially differ from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factors,among other things, include: impacts arising from the globaldisruption by the Covid-19 coronavirus outbreak; fluctuations ingeneral macroeconomic conditions; fluctuations in securities markets;fluctuations in spot and forward prices of gold, silver, base metalsor certain other commodities; fluctuations in currency markets (suchas the Canadian dollar to United States dollar exchange rate); changein national and local government, legislation, taxation, controls,regulations and political or economic developments; risks and hazardsassociated with the business of mineral exploration, development andmining (including environmental hazards, industrial accidents, unusualor unexpected formations pressures, cave-ins and flooding); inabilityto obtain adequate insurance to cover risks and hazards; the presenceof laws and regulations that may impose restrictions on mining;employee relations; relationships with and claims by local communitiesand indigenous populations; availability of increasing costsassociated with mining inputs and labour; the speculative nature ofmineral exploration and development (including the risks of obtainingnecessary licenses, permits and approvals from governmentauthorities); and title to properties. Although the forward-lookingstatements contained in this news release are based upon whatmanagement of the Company believes, or believed at the time, to bereasonable assumptions, the Company cannot assure shareholders thatactual results will be consistent with such forward-lookingstatements, as there may be other factors that cause results not to beas anticipated, estimated or intended. Readers should not place unduereliance on the forward-looking statements and information containedin this news release. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.

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